Bank Loan

Celebrity Home Loans Review! (Pros, Cons & Interest Rates)

Published On January 5, 2024

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Today, we will explore “Celebrity Home Loans,” a mortgage lender that promises a star treatment, specifically a Rockstar treatment. They aim to provide VIP service throughout the mortgage process. This ensures clients don’t stress about the details of home loan financing.

The company’s mission is to let clients focus on finding their dream home while leaving the mortgage complexities to the lender.

It appears that this approach influenced the company’s name. Celebrity Home Loans has got excellent customer reviews from tens of thousands of clients, living up to their high expectations. Read on to discover more.

What is Celebrity Home Loans?

Celebrity Home Loans stands out as a retail mortgage lender with branches nationwide, that provide direct-to-consumer services. With over 700 licensed loan originators across the country, they have established themselves as a significant player in the mortgage industry.

Notably, they own several other mortgage brands, expanding their reach and potential services. Originating in 2006, amidst a challenging housing market, they navigated through the housing crisis and have funded tens of billions in home loans since then.

In the past year, their loan origination volume hit an impressive $7.5 billion, that showcase their prominence. They cater to both home purchase loans and refinances, that make them versatile for various needs. Although licensed in 48 states and the District of Columbia, their primary activity is in California, Colorado, and their home state, Illinois.

Loan Programs offered by Celebrity Home Loans

Celebrity Home Loans provides a diverse range of loan programs, ensuring options for various situations. Whether someone is purchasing a home, renovating, or refinancing, they offer solutions.

This encompasses conforming loans backed by Fannie Mae and Freddie Mac, jumbo loans, and government-backed options like FHA, VA, and USDA loans.

They extend their lending to all major property types, whether it is a primary residence, vacation home, or investment property. Celebrity Home Loans offers both fixed-rate and adjustable-rate mortgages, with different terms available, including 5/1 and 7/1 ARMs.

What are the Rates of Celebrity Home Loans?

Celebrity Home Loans doesn’t provide specific details about their mortgage rates or lender fees on their website. Unlike some other lenders that openly share daily mortgage rates and fees, Celebrity Home Loans advises reaching out to a loan officer for personalized pricing information.

This includes details about potential lender fees like a loan origination fee. To assess their competitiveness, individuals should compare the rates and fees, combined as the mortgage APR, with those offered by other banks and lenders.

While excellent service is crucial, pricing is also a key factor, considering its long-term impact over the life of the loan.

How to Apply for Celebrity Home Loans?

To begin your mortgage journey with Celebrity Home Loans, it is recommended to visit their website using your computer or smartphone.

The online directory allows you to locate a nearby loan officer or branch office and obtain their contact information quickly. Feel free to reach out to inquire about current pricing or discuss available loan programs.

For those looking to purchase a home, Celebrity Home Loans offers the “Mortgage Assured” program. This surpasses standard pre-qualification and pre-approval processes.

This program, likely involving a fully-underwritten mortgage approval, instills confidence in home sellers that you can secure financing, even when competing with cash buyers.

Once you have identified a loan officer you would like to work with, you can click on the “Apply Now” button on their personal webpage to initiate the application process. The system will guide you to create an online account, and you also have the option to download Celebrity Home Loans’ free smartphone app.

The application process is streamlined with many tasks accessible electronically, such as submitting the application, eSigning disclosures, and scanning/uploading documents. For added convenience, those who download the app can instantly message their loan officer and receive real-time updates.

Celebrity Home Loans emphasizes the use of technology and prioritizes customer service, providing a well-rounded experience for applicants.

Pros and Cons of Celebrity Home Loans

Pros (The Good Stuff)Cons (The Maybe Not)
Convenient online and smartphone home loan applicationNot licensed in Nebraska or New York
Physical locations available in several statesNo publicized information on mortgage rates or fees
Mostly paperless, digital loan process
Diverse range of loan programs
Positive customer reviews
A+ rating from BBB
Free smartphone app
Online mortgage calculators and glossary

Conclusion

In this brief review of Celebrity Home Loans, the focus was on keeping the mortgage experience as simple and straightforward as possible. The aim was to highlight both the positives and negatives of choosing Celebrity Home Loans. We also covered how to apply for the celebrity home loans. In summary, for a favorable experience, it is recommended to engage with a loan officer before starting the application process. If you already have a connection with a loan officer associated with them, chances are you will have a smooth and positive experience.

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FAQs

No, Celebrity Home Loans doesn’t provide specific details about mortgage rates or lender fees on their website. Individuals are advised to contact a loan officer for personalized pricing information.

To apply for a home loan, visit the Celebrity Home Loans website, locate a nearby loan officer, and contact them for current pricing or to discuss available loan programs. The application process can be initiated online or via their free smartphone app.

When you adjust your mortgage, only the part you pay for the loan amount and interest each month changes. This amount will stay lower. But, if you have a mortgage where the interest rate can go up or down (called Adjustable Rate Mortgage or ARM), you might notice some small changes in your payment during the rest of the time you’re repaying the loan. Also, the part of your payment that goes to cover things like property taxes and insurance (Escrow) might change in the future, and that could make your total monthly payment go up or down.

Absolutely. You must pay at least 10% of the amount you still owe. You can do this in two ways:

  1. Paying the entire 10% in one go.
  2. Making multiple payments that add up to at least 10% of what you currently owe, but these payments must be made within a three-month period.

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